ACI Ghana weekly money market update – July 15, 2024

Below is Ghana’s money market update for the week beginning July 15, 2024.

KEY TAKEAWAYS

Yields for 91-Day, 182-Day and 1-Year T-Bills were flat, closing at 24.79%, 26.75%, and 27.79% respectively. The BOG 56-day bill rose by 1 bp to close at 29.00%. The interbank rate remained flat at 28.83%.

Expected maturities for the week of July 15, 2024, include:

>> GHS 4.45 billion in Treasury Bill maturities comprising:

1. GHS 3.61 billion in 91-day maturities due on July 15^th
2. GHS 839.32 million in 182-day maturities due on July 15^th

>> GHS 1.87 billion in 56-day Bill maturities comprising:

1. GHS 977.45 million due on July 15^th
2. GHS 887.97 million due on July 17^th

The Treasury Bill auction demand on Friday was undersubscribed by 4.93%. The Government accepted bids totalling GHS 4.488 billion. This was below the auction target of GHS 4.721 billion by GHS 232.72 million.

Money Market Term(s) of the Week

Money Market Deposit Account: A savings account that offers a higher rate of interest in exchange for larger than normal deposits.